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2023-12-31-accounts

Company no. 09121147 Charity no. 1166395

Precious Sight Foundation Report of the Trustees and Unaudited Financial Statements for the year ended 31 December 2023

Precious Sight Foundation

Report of the Trustees and Unaudited Financial Statements for the year ended 31 December 2023

Reference and Administrative Details

Company Number 09121147 Registered Charity Number 1166395 Registered Office International House, 36-38 Cornhill London EC3V 3NG Trustees Appointed Folakemi SALAMI 8[th] July 2014 Oyinade Adeyinka OLUSANYA 8[th] July 2014 Olubunmi ODULAJA 22[nd] Jan 2015 Adeola ADEBONOJO 1st Jan 2021 Abimbola Kehinde SOFOWORA 1st Jan 2021 Christiana OTOKPA 1st Jan 2021 Company Secretary Ade ADEWUMI 8[th] July 2014 Principal Staff Olabiyi ADEWUMI (Founder/ C.E.O.) 21st Jan 2015 Independent Examiner ROSAM INVESTMENTS LTD (Chartered Accountants) 2 Fairfield Drive, Broxbourne, Hertfordshire EN10 6DX Bankers Barclays Bank The Lemonade Building Barking Central Ripple Road Barking, Essex IG11 7RL

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Precious Sight Foundation

Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2023

Trustees Report

The Board of Trustees

The governing body of the charity is the board of trustees, the members of which are the charity's Trustees and the company's directors as defined by the Companies Act 2006.

The trustees present their report and the financial statements for the year ended 31 December 2023.

The financial statements comply with the Charities Act 2011, the Companies Act. The financial statements comply with the Charities Act 2011, the Companies Act 2006 and Accounting Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective January 2015.

Principal objectives

The main objective of Precious Sight Foundation is the promotion and facilitation of good health in Africa as determined by the Trustees.

This objective is actualized in specifics through:

  1. The provision of free eye care services treatment, equipment, and advice to visually impaired and partially sighted individuals in collaboration with professional eye care specialists.

  2. Raising awareness of basic eye care and eye health to prevent visual impairment or blindness due to a lack of basic information.

Public Benefit Statement

We develop our strategic plans to ensure that we provide public benefit and achieve our objectives as set out in our Memorandum and Articles of Association.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning activities and setting policies for the year ahead.

OUR WORK IN 2023

We had 53 outreaches in total and saw 14,866 patients.

VIN Club . We did the final VIN Outreach in TKO Hall at Ishaga, Iju on the outskirts of Lagos. It rounded up the VIN sponsorship nicely as we saw over 1,000 patients and picked up a patient for whom we could not pay for remedial surgery. (He had Cataract surgery, but they did not complete his surgery properly as he could not afford to pay for it.

Royal Wellness Foundation and Mercy Says No . We continue our work by partnering (a) with Royal Wellness Foundation (USA) who were introduced to us by one of our Nigeria Trustees. We tend to work with partners to reduce costs. We started with Royal Wellness a few years ago and were participating in their annual 5-day Outreach. When we were approached this year, we offered them 2 days to reduce and manage our costs.

National Council of Nigerian Muslims Organization (NCNMO) Medical Mission . Individuals and organizations frequently approach us to support them by providing our services. An offshoot of Royal Wellness International - asked us to join them on an outreach in Ibadan in July. We did so and they contributed to covering our costs.

Ikenne Consortium . The consortium continues to fund the annual Ikenne Outreach In 2023 we had a huge turnout and our stock of 400 frames ran out. We are grateful for all the glasses donors as this helped us tremendously and this has allowed us to produce as many glasses as required

Ghana - Dodowa . The Dodowa Outreach was funded from the The HSBC Bank (Canary Wharf), Eversheds, and DLA Piper (both Law firms) funding drive. 7 of us went to Ghana from the UK and we partnered with a Ghanaian Dr who was introduced to us by one of our Rwandan optometrists. We set up at Mount Zion Presbyterian Church for a 3-day Outreach and we saw 757 patients.

Funmi Adewole Foundation (FAF) . We continue to work with Funmi Adewole Foundation annually and our services are so valuable to them that they don’t want to let us go! Their collaboration works both ways. We can make savings in accommodation and food and sometimes the cost of a few eyedrops whenever they can donate them.

F I Ayodeji-Adeoso Remembrance Outreach . This was our last Outreach in Nigeria for the year, and we were pleased to have 3 days in Ikeja, Lagos. Adeola (trustee) was in attendance too. We saw 635 patients in 3 days.

Festival of Life . They continue to be our glasses collection point in London.

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HIGHS AND LOWS OF 2023

HIGHS

RWANDA 23 - We had our second Flagship Rwanda Mission in February again where 36 of us went to Kigali to serve. We saw 1524 patients which is our 3-day record.

GHANA - We are delighted to report that a team of 7 of us from the UK and 3 Ghanaian doctors from Rwanda went to Dodowa just outside Accra in October 2023. The last time we were in Ghana was in 2016 and we did not have a very pleasant experience as we felt we were exploited as our partner did not want to acknowledge that we sponsored the event. However, Dodowa 2023 was very good, and we are planning to make it an annual event. We have established a lovely relationship with the local Presbyterian church and a local Optometrist who is keen to keep up the partnership. We saw 757 patients in the 3 days we were there.

LOWS

Rwanda23. As always, we went in anticipation of seeing a large number of patients. We were unfortunately slowed down by unforeseen issues with the Ministry of Health where an individual tried to delay our work. We managed to sort it out but lost one day of work due to the red tape.

FUNDRAISING

We average £2,000 a month in regular donations and we are constantly on the lookout for more regular donors.

Mission Trip Financing – We ask all volunteers to raise funds that will cover their expenses & fund the outreach.

Match Funding | Gift Aid – We encourage donors to add gift aid to their donations and ask volunteers to inform their organizations to match fund their donations.

Individual & corporate Sponsors - We continue to source individual sponsors to make one-off or regular donations or contributions to outreach or advocacy.

2024 PLANS

Nigeria – We are pleased at our ad-hoc Outreaches in Nigeria and currently have about 6 different planned outreaches every year (the equivalent of bi-monthly). We continue to work with our partners to reduce costs. Royal Wellness (USA) Funmi Adewole Foundation (USA), Sparkle Foundation (Nigeria), and Ikenne Consortium (Nigeria).

The Gambia – We aim to continue to run an outreach a month in the local communities.

Sierra Leone – Makeni remains our base in Sierra Leone, and we are committed to continuing the monthly work. We continue to treat our 50 glaucoma patients monthly and have our 2 days of general screening.

Rwanda – we aim to continue this as our flagship outreach program with volunteer financing being the main source of fundraising.

Ghana –We plan to return in October 2024.

Burundi – We hope to be able to start work in Burundi as it is close to Rwanda and we have made contacts to do so.

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Precious Sight Foundation

Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2023

Trustees Report (cont...)

Financial Review

Reserves Policy

The Trustees recognize that reserves are required to ensure the long-term viability of the charitable company against unforeseen reduction in income or increase in expenditure and to ensure the continuity of the charity's objects.

The trustees aim to maintain unrestricted funds which have not been designated for a specific use at a level equivalent to the average cost of two mission trips. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.

Principal Funding

The charity's principal funding is through donations.

Future developments

The charity aims to increase the number of activities it is engaged in going forward and is striving to develop a structure that will support this planned growth.

Structure, Governance, and Management

Governing Document

The organization is a registered charity (number 1166395) and operates as a company limited by guarantee. The liability of the individual members if the company is wound up is limited to a maximum of £1.

Appointment and training of trustees

The directors of the organization are also the charity Trustees as defined by section 97 of the Charities Act 1993. The company has 6 Trustees as listed on page 1

Policies Adopted for the Induction and Training of Trustees

New trustees are issued with an induction pack that details their legal obligations under charity law, the charity's decision-making processes, and recent financial performance of the charity.

Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organizational Structure and Decision-Making

The charity is organized such that the day-to-day running of the charity has been delegated to the founder (Mrs. Olabiyi Adewumi) and a voluntary operational team.

The trustees are consulted on all issues that are material and determine the strategic direction of the charity's affairs. Trustees meet formally and when required to review the charity's operations.

Connected Charities

Precious Sight Charitable Foundation is a Non-Government Organization in the Federal Republic of Nigeria.

Risk Management

The Trustees continue to be aware of their responsibilities regarding risk management and meet regularly to profile risks, examine controls already in place and embedding new controls to mitigate significant risks.

Risk Management is a key element to making the charity successful in delivering its objectives whilst protecting the interests of our beneficiaries. Effective risk management enhances our beneficiaries' confidence in the charity's corporate governance and strengthens our ability to achieve strategic objectives.

A range of business risk assessments and performance indicators, looking at both financial and non-financial measures that act as a barometer to the overall health of the charity, are reviewed regularly by the Executive Team and the Trustees.

The Risk Management Strategy is led from the top of the organization and is embedded in the normal working routines and activities of the organization.

Trustees’ responsibilities for the financial statements

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the situation of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

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In preparing these financial statements, the Trustees are required to:

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps to prevent and detect fraud and other irregularities.

The Trustees confirm that:

Charity Commission

The Board confirms that we have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

The Board confirms that PSF does not undertake any public fundraising and does not work with any third-party commercial participators or professional fundraisers.

Small companies Provision

This report has been per the provisions applicable to companies entitled to the small companies’ exemption.

Approved by the trustees on 26 September 2024 and signed on their behalf by


Mrs. Folakemi Salami - Trustee

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Precious Sight Foundation

Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2023

Independent Examiner’s Report to the Trustees

I report on the accounts of Precious Sight Foundation for the period from 1 January 2023 to 31 December 2023 set out on pages 7 to 10. My report is in respect of an examination carried out in accordance with the Charities Act 2011 ("the Act").

The report is made solely to the Board of Trustees.

My examination has been undertaken so that I might state to the Trustees those matters as may be required to be stated in an independent examiner's report and for no other purpose.

To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Board of Trustees of Precious Sight Foundation, for my examination, for this report, or for the opinions I have formed.

Respective responsibilities of trustees and examiner

The charity's Trustees are responsible for the preparation of the accounts.

The charity's trustees consider that an audit is not required for this year under the Regulations, that Section 144(2) of the Act does not apply and that an independent examination is required.

Having satisfied myself that the charity (Precious Sight Foundation ) is not subject to audit and is eligible for independent examination, it is my responsibility to:

Basis of the independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission under the 2011 Act.

An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters.

The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.

I planned and performed my examination to satisfy myself that the objectives of the independent examination were achieved and before finalizing the report I obtained assurances from the trustees of all material matters.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

______

Adetunji Oyewunmi B.Sc.; FCCA; FFA; FIPA

Rosam Investment Limited (Chartered Accountants)

2 Fairfield Drive, Broxbourne, Hertfordshire EN10 6DX

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Precious Sight Foundation

Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2023

Statement of financial activities (including the income and expenditure account)

31 December 2023
Note
£
Incoming Resources
Incoming Resources from Generated Funds:
Voluntary Income
Government Gift Aid
Interest Income
2
95,510
19,634
33
Total Incoming Resources
115,177
Resources Expended
Costs of Generating Funds:
Fundraising Costs
3,353
Charitable Activities
3
98,538
Governance Costs
18,701
Total Resources Expended
120,592
Net Incoming/Outgoing Resources for the year
-5,415
Reconciliation of Funds
Total Funds Brought Forward
7,184
Total Funds Carried Forward
1,769
31 December 2022
£
100,444
0
0
100,444
2,153
92,172
5,557
99,882
562
6,655
7,184

All income and expenditure derive from activities of the charitable company that are continuing. There was no other comprehensive income arising in the current or prior year.

All incomings and outgoings during the period were in the Unrestricted category.

The notes on pages 8 to 9 form part of these financial statements

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Precious Sight Foundation

Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2023

Balance Sheet

Note
Current Assets
Cash at Bank and in Hand
Debtors
7
Current Liabilities
Creditors
8
Net Assets/ (Liabilities)
Funds
Unrestricted Funds: General Funds
5
Total Funds
31 December 2023
£
8,092
0
8,092
6,323
1,769
1,769
1,769
31 December 2022
£
7,184
0
7,184
0
7,184
7,184
7,184

The trustees are satisfied that the charity is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year under section 477(2), and that no member or members have requested an audit pursuant to section 476(1) of the Act.

The trustees acknowledge their responsibilities for:

ensuring that the charity keeps adequate accounting records that comply with section 386 of the Act, and preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit and loss for the financial year under the requirements of section 393, and which otherwise comply with the requirements of the Act relating to the financial statement so far as applicable to the charity.

These accounts have been prepared under the provisions applicable to small companies.

Approved by the trustees on 26 September 2024 and signed on their behalf by


Mrs. Folakemi Salami - Trustee

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Precious Sight Foundation

Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2023

Notes to the Financial Statements

1. Accounting Policies

2. Voluntary Income

Voluntary income represents general donations from individuals in response to appeals and fundraising literature.

2023 2022
£ £
Total income for the year
Voluntary Donations 95,510 100,444
Gift Aid 19,634 0
Interest Income (Bank) 33 0
115,177 100,444
3. Total Resources Expended
Fundraising Charitable Governance 12 Months to 12 Months to
Costs Activities Costs 31-12-2023 31-12-2022
£ £
Costs directly allocated to activities
Advertising & Publications 1,188 1,188 1,978
Wages & Salaries 13,925 13,925 7,800
Bank charges 295 295 105
Stationery, Freight, and postage 77 77 177
Equipment expensed 485 485 880
Administrative Expenses 1,680 2,849
4,529
4,476
Sundry Expenses 3,933 3,933 2,676
Event Costs 9,124 9,124 893
Licenses 0 0
80
Legal and professional 1,555 1,555 5,186
Outreach Projects 30,856 30,856 45,555
Training & Education 0
0
0
Insurance 1,122 1,122
0
Telephone, Fax & Internet 260 260 2,041
Travel and subsistence 53,243 53,243 28,045
3,353 98,538 18,701 120,592 99,882

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Precious Sight Foundation

Report of the Trustees and Unaudited Financial Statements for the year Ended 31 December 2023

Notes to the Financial Statements (cont…)

4. Taxation Given that the primary purpose of the charitable company is charitable, and the charitable company is not trading for profit, the charitable company is exempt from taxation.

5. Movement in funds
Brought
Incoming
Forward
Resources
General funds
7,184
115,177
6. Related party transactions
N/A
7. Debtors: Amounts Due Within 1 Year
Corporate Donation (Grant)
Other Debtors
8. Creditors: Amounts Due Within 1 Year
Payroll Creditors
Other Creditors
Resources
Expended
(120,592)
2023
£
0
0
0
2022
£
0
6,323
0
Carried
Forward
1,769
2022
£
0
0
0
2021
£
0
0
0

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OUTREACH BREAKDOWN FORM 2023

No. of
Date of No. of Patients Prescription Reading
Outreach Outreach Name Days Organiser Country Town/City Seen Referrals Glasses Glasses Eye Drops Tubes
31-Jan Bansang Monthly 1 Tata Jobe Gambia Kerewan 237 5 125
30th Jan Makeni 1 Abubakar Sherriff Sierra Leone Matedoi 233 20 205
Feb Bansang Monthly 1 Tata Jobe Gambia Bansang 300 50 175
March Bansang Monthly 1 Tata Jobe Gambia Bansang 310 46 150
April Bansang Monthly 1 Tata Jobe Gambia Bansang 312 25 200
May Bansang Monthly 1 Tata Jobe Gambia Bansang 275 10 150
17th Feb Makeni 1 Abubakar Sherriff Sierra Leone Rowland Community 556 27 205
June Bansang Monthly (done 2 July) 1 Tata Jobe Gambia Bansang 250 25 150
27th Feb Makeni 1 Abubakar Sherriff Sierra Leone Tonkoba Community 346 12 205
27th August Dasilcemeh 1 Tata Jobe Gambia Bansang 350 35 200
29th August Dasilcemeh 1 Tata Jobe Gambia Bansang 250 43 150
27th Nov Mandur 1 Tata Jobe Gambia Bansang 250 25 10 15 150
25th November Makeni 1 Abubakar Sherriff Sierra Leone Makri Square 215 27 150
30th November Makeni 1 Abubakar Sherriff Sierra Leone Patebona Maranka 283 15 150
22nd December Makeni 1 Abubakar Sherriff Sierra Leone Makanka Comm 236 6 205
26th Dec Makeni 1 Abubakar Sherriff Sierra Leone Matainga Comm 294 42 225
17th March Makeni 1 Abubakar Sherriff Sierra Leone Mabolo Comm 342 3 205
30th March Makeni 1 Abubakar Sherriff Sierra Leone Masamba Comm 425 6 205
17th Jan Makeni 1 Abubakar Sherriff Sierra Leone Rotain Community 246 32 205
15-17th Feb Kabuga, Rwanda 3 Biyi Adewumi Rwanda Kigali 1524 110 693 1021
4th November Adonai Empowerment 1 Azeez Awoniyi Nigeria Lagos 222 40 45 150 142
16th Dec Lets go a fishing 1 Azeez Awoniyi Nigeria Lagos 116 9 27 34 39
17th -19th Oct Accra 3 Biyi Adewumi Ghana Dodowa 757 36 118 264 540
23rd -27th Oct FAF 5 Biyi Adewumi Nigeria Lagos 1255 30 333 496 878
12-14th Dec FI Adeoso-Ayodeji 3 Biyi Adewumi Nigeria Lagos 635 49 209 274 244
18th November Kabuga, Rwanda 1 Eric Kwizera Rwanda Kigali 157 25 55 132
23rd September Kabuga, Rwanda 1 Eric Kwizera Rwanda Kigali 125 4 14 47 77
25th March Kabuga, Rwanda 1 Eric Kwizera Rwanda Kigali 35 9 17 14 20
10th April Methodist Boys High School 1 Dr Olorunnimbe Nigeria Lagos 140 15 19 81 67
19th April Mercy Says No - Ede 1 Biyi Adewumi Nigeria Ede 204 34 38 58 175
20t April Mercy Says No - Ede 1 Biyi Adewumi Nigeria Ede 235 20 38 95 205
11th May TKO 1 Biyi Adewumi Nigeria Lagos 285 21 79 145 121
12th May TKO 1 Biyi Adewumi Nigeria Lagos 358 20 66 214 118
13th May TKO 1 Biyi Adewumi Nigeria Lagos 384 19 48 224 188
20th May This Present House, Lekki 1 Biyi Adewumi Nigeria Lagos 223 39 60 88 107
27th May RCCG Faith City, Ojodu 1 Biyi Adewumi Nigeria Lagos 104 10 35 59 43
11th June Sparkle Foundation 1 Biyi Adewumi Nigeria Shagamu 297 27 78 137 132
3-5 July Muslim Hospital Odinjo 3 Biyi Adewumi Nigeria Ibadan 1002 123 135 451 484
22-24 July Peakan Ikenne 3 Azeez Awoniyi Nigeria Ikenne 1098 49 388 379 570
Grand Total 53 14866 1008 1892 3973 8713 0

OPERATIONS 120 Ptgerium Gambia 120 Cataract Gambia

1 corrective surgery from TKO 10 Cataract Cases in Ikenne

50 Glaucoma patients Sierra Leone

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